Segment Wealth Management LLC Has $33.05 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Segment Wealth Management LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 197,403 shares of the semiconductor manufacturer’s stock after selling 5,940 shares during the period. Broadcom makes up approximately 2.2% of Segment Wealth Management LLC’s investment portfolio, making the stock its 6th largest holding. Segment Wealth Management LLC’s holdings in Broadcom were worth $33,051,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the fourth quarter worth $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now owns 1,014,152 shares of the company’s stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 over the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $251.26 on Friday. The firm has a market cap of $1.18 trillion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The business’s 50 day moving average is $219.11 and its 200-day moving average is $211.61. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.